Caltex Australia (CTX)

Shares in
Caltex Australia
have enjoyed a bounce since the company last week announced it had returned to full-year profit for the 2012 calendar year. The refiner and fuel marketer is forecasting an operating profit including one-off items in calendar 2012 of $455 million to $475 million, beating consensus expectations of about $408 million. The new guidance is a 72 per cent to 80 per cent increase in profitability on 2011. Shares rose 27¢ to a five-year high of $19.20 on Friday. The stock is up about 35 per cent since the company in July announced it would close its Kurnell plant. Deutsche Bank says the higher guidance range was driven mostly by higher refiner margins in November and December. “Caltex attributes the improved performance to stronger marketing earnings, and a turnaround in refining profitability on a substantial uplift in refiner margins, higher production and lower D&A [depreciation and amortisation] following the 2011 refinery impairment."